allonte Inc. began operations in April of this year. It makes all sales on account, subject to the following collection pattern: 20% are collected in the month of sale; 70% are collected in the rst month after sale; and 10% are collected in the second month after sale. If sales for April, May, and June were $80,000, $140,000, and $130,000, respectively, what were the firm's udgeted collections for the quarter? Multiple Choice $201,000. $220,000. $232,000. $292,000. None of the answers is correct.

Halifax Shoes has 30% of its sales in cash and the remainder on credit. Of the credit sales, 65% is collected in the month of sale, 25% is collected the month after the sale, and 5% is collected the second month after the sale. How much cash will be collected in August if sales are estimated as $74,000 in June, $68,000 in July, and $88,000 in August? Cash collected $fill in the blank 1

Jasper Company has 56% of its sales on credit and 44% for cash. All credit sales are collected in full in the first month following the sale. The company budgets sales of $523,000 for April, $533,000 for May, and $558,000 for June. Total sales for March are $305,700. Prepare a schedule of cash receipts from sales for April, May, and June. Sales Cash receipts from: Cash sales JASPER COMPANY Schedule of Cash Receipts from Sales April May Collections of prior period sales Total cash receipts S S $ $ $ $ June

Watt's Lighting Stores made the following sales projection for the next six months. All sales are credit sales. March April May June July August $ 42,000 48,000 37,000 46,000 54,000 56,000 Sales in January and February were $45,000 and $44,000, respectively. Experience has shown that of total sales, 10 percent are uncollectible, 30 percent are collected in the month of sale, 40 percent are collected in the following month, and 20 percent are collected two months after sale. Prepare a monthly cash receipts schedule for the firm for March through August. Credit sales Collections: In month of sale One month after sale Watt's Lighting Stores Cash Receipts Schedule January February March April May June July August Two months after sale $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Total cash receipts

How much is the company's expected cash collections in the month of May?

Earthie's Shoes has 55% of its sales in cash and the remaining 45% are credit sales. Of the credit sales, 70% is collected in the month of sale, 15% is collected the month after the sale, and 10% is collected the second month after the sale. How much cash will be collected in June if sales are estimated as $75,000 in April, $65,000 in May, and $90,000 in June?

Cash Collections for Belcher Motors found that 35% of its sales were cash and the remaining 65% are credit sales. Of the credit sales, the company collected 55% in the month of sale, 40% collected the month after the sale, and 5% collected the second month after the sale. May Sales were $100 000, April Sales were $115,000, and June Sales were 136,000. How much will be collected in the 3rd quarter if July sales are $180,000, August sales are 167,000, and September sales are $152,000, and include a total column for the 3rd quarter total.

Bark & Purr Supplies Inc., a pet wholesale supplier, was organized on May 1. Projected sales for each of the first three months of operations are as follows: May $260,000 June 290,000 July 390,000 All sales are on account. 53 percent of sales are expected to be collected in the month of the sale, 37% in the month following the sale, and the remainder in the second month following the sale. Prepare a schedule indicating cash collections from sales for May, June, and July.   May June July May sales on account:       Collected in May $fill in the blank 1     Collected in June   $fill in the blank 2   Collected in July     $fill in the blank 3 June sales on account:       Collected in June   fill in the blank 4   Collected in July     fill in the blank 5 July sales on account:       Collected in July     fill in the blank 6 Total cash collected $fill in the blank 7 $fill in the blank 8 $fill in the blank 9